Settlement Agents Act 1981

Where the State Administrative Tribunal, on the application of the Commissioner, notice whereof shall be given to the settlement agent, is satisfied that there are reasonable grounds for believing that a settlement agent is, for any reason incapable of properly conducting his business or is not conducting it in accordance with this Act, the State Administrative Tribunal may —

suspend the settlement agent from carrying on his business for such period as may be specified in the order; and

restrain the settlement agent and his bankers and their respective servants and agents from dealing in all or any of the bank accounts of the settlement agent, subject to such terms and conditions as the State Administrative Tribunal thinks fit; and

authorise the Commissioner to appoint a supervisor of the business of the settlement agent; and

authorise the Commissioner to suspend the settlement agent from carrying on his business until further notice; and

make such other and further orders as the State Administrative Tribunal thinks fit.

Where the State Administrative Tribunal is satisfied, on the application of the Commissioner, that a sole settlement agent has died, the State Administrative Tribunal may —

restrain the personal representative, and the former servants, agents, and bankers, of the deceased settlement agent, and the servants and agents of those former bankers from dealing in all or any of the bank accounts of the deceased settlement agent, subject to such terms and conditions as the State Administrative Tribunal thinks fit; and

authorise the Commissioner to appoint a supervisor of the business of the settlement agent.

Where the State Administrative Tribunal authorises the Commissioner to appoint a supervisor pursuant to the power conferred by subsection (1) or (2) the State Administrative Tribunal —

may order that the supervisor be empowered to withdraw moneys from any bank account of the settlement agent or deceased settlement agent; and

may order that the Commissioner —

take possession of the moneys constituting the trust account of the settlement agent or deceased settlement agent or, where the case requires, the balance of such moneys; and

credit such moneys, or such balance, to a separate agency special purpose account established for the Commissioner under section 16 of the Financial Management Act 2006; and

deal with those moneys according to law.

If an order is made under subsection (3)(b) —

the Commissioner may, on the certificate of the supervisor, pay to him or as he directs in the certificate, out of the moneys credited to the separate agency special purpose account under the order, such amount or amounts as is or are specified in the certificate, without enquiring as to, or being liable in respect of, the correctness of the certificate or the application of any money paid on the certificate; and

the State Administrative Tribunal may, on the application of the Commissioner, or any person interested, give such directions as the State Administrative Tribunal thinks fit for the payment by the Commissioner of any part of the moneys credited to the separate agency special purpose account under the order.